Spectrum Academy FY2022 filing

Tax-deductible

N Salt Lake, UT501(c)(3)Since 2005EducationEIN 76-0817459

To manage, operate, guide, direct, and promote a public charter school funded by local, state, and federal sources.

501(c)(3) charity; gifts are tax-deductible.
87¢ of each $1 spent went to programs.
$304K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 6
filings with a surplus
Average surplus $536K a year · 2% of revenue · last 6 filings
Fine: a surplus in 5 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
87%
of spending
Looks good: 87% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$304K
to officers and key staff · 1% of spending
Looks good: pay to officers and key staff is 1% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
3 mo
of spending, in cash
Looks good: 3.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
6
named funders · $502K
Looks good: 6 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$34.2M
89% of total assets
Concern: liabilities are 89% of assets; over 80%.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$29.7M
+9% vs prior year
Spent
$28.8M
To programs
87%
Net assets
$4.2M
By yearFY2020–FY2025
Revenue
$29.7M
FY2022▲ +9%
Revenue by fiscal year
FY2020$23.6M
FY2021$27.3M
FY2022$29.7M
FY2023$32.9M
FY2024$36.6M
FY2025$37.5M
Expenses
$28.8M
FY2022▲ +0.9%
Expenses by fiscal year
FY2020$23.4M
FY2021$28.5M
FY2022$28.8M
FY2023$31.6M
FY2024$35.3M
FY2025$36.8M
Net assets
$4.2M
FY2022▲ +29%
Net assets by fiscal year
FY2020$4.7M
FY2021$3.3M
FY2022$4.2M
FY2023$5.5M
FY2024$6.8M
FY2025$7.5M

From the FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

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Status and standing

Is it real, and can you give to it?

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2025 (typical filing lag)
Legal name (IRS)Hdr · item CSpectrum Academy
EINHdr · item D76-0817459
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFSep 2008
Year of formationHdr · item L2005
Latest filingForm 990FY2025 · Form 990
Principal addressHdr · item CN Salt Lake, UT
NTEE classificationIRS BMFEducation (B29)
WebsiteHdr · item Jwww.spectrumcharter.org

Where the money goes

What each dollar paid for.

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.87 Management & general $0.13
Program services87%$24.9M
Management & general13%$3.8M
Total functional expensesLn 25$28.8M

Finances

Money in and out, what it owns and owes

Program efficiency
87%
of spending reaches programs
Months of spending covered by cash
3.3mo
months of highly liquid reserves at operating expense rate
Surplus margin
+3%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2022 · Form 990
Total assets
$38.4M
FY2022▼ -3%
Total assets by fiscal year
FY2020$32.6M
FY2021$39.7M
FY2022$38.4M
FY2023$48.7M
FY2024$48.3M
FY2025$48.2M
Total liabilities
$34.2M
FY2022▼ -6%
Total liabilities by fiscal year
FY2020$27.9M
FY2021$36.5M
FY2022$34.2M
FY2023$43.2M
FY2024$41.5M
FY2025$40.7M
Revenue less expensesPt I · Ln 19$962K
Total assetsPt X · Ln 16$38.4M
Program-expense ratioPt IX · col B87%
Voting members of governing bodyPt I · Ln 38
Independent voting membersPt I · Ln 48

Balance Sheet

Part X · end of year
CashLn 1$7.8M
Total assetsLn 16$38.4M
Total liabilitiesLn 26$34.2M
Total net assetsLn 32$4.2M
Months of cash on handcomputed3.3

Statement of Revenue

Part VIII
Contributions & grants$29.4M · 99%
Program service revenue$214K · 1%
Contributions & grants99%$29.4M
Program service revenue1%$214K
Investment income$19K
Other revenue$70K
— government grantsLn 1e$29.4M
Total revenueLn 12$29.7M

Financial Metrics

Form 990 · FY2022 · each ratio shown with the dollars behind it
Liquidity & Payout
Months of spending covered by cash
Highly liquid reserves $7.8M · Operating expenses/yr $28.8M
3.3 months
Where the money goes
Program services
Program services $24.9M · Total expenses $28.8M
87%
Management & General
Management & general $3.8M · Total expenses $28.8M
13%
Fundraising
Fundraising $0 · Total expenses $28.8M
0%
Cost to raise $1
Fundraising expense (3-yr avg) $38K · Solicited contributions (3-yr avg) $135K
$0.28 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $29.4M · Total revenue $29.7M
99%
Government reliance
Government grants $29.4M · Total revenue $29.7M
99%
Earned-income share
Program service revenue $214K · Total revenue $29.7M
0.7%
Investment reliance
Investment income $19K · Total revenue $29.7M
+0.07%
Program self-sufficiency
Program service revenue $214K · Total expenses $28.8M
0.7%
Growth & trend
Revenue growth (YoY)
This year $29.7M · Prior year $27.3M
+9%
Net-asset trend (YoY)
End of year $4.2M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $29.7M · Expenses $28.8M
+3%
Liabilities-to-Assets
Total liabilities — · Total assets $38.4M
—
Net-asset ratio
Net assets $4.2M · Total assets $38.4M
11%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $38.4M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Jamie Christensen · Reported title EXEC DIR - A · Highest reported compensation $156K · Total expenses $28.8M
0.5%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $23.2M · Total expenses $28.8M
81%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 87%——
Overhead ratio 13%——
Fundraising cost ratio 0%——
Revenue growth 9%——
Accounting fee ratio 0.2%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Who runs it, and what are they paid?

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Exec Dir - a
$156,416Pt VII · Sec A
Exec Dir - F
$147,351Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Jamie Christensen’s $146K as Exec Dir - Academics is at the 14th percentile of top reported officer pay among 3683 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 7 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Jamie Christensen——$151,960$156,416$134,330$128,500
Brad Nelson$137,856$151,892————
Brad Nelson——$147,351$147,351$134,485$128,500
Jamie Christensen$145,524$143,284————
Elizabeth Banner$133,387$112,094————
Christina Guevera————$112,063—
Courtney England$103,529—————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Spectrum Academy executive salaries →

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Governance & Policies

Part VI
  • 8Voting board membersPt VI · Ln 1a
  • 8Independent board membersPt VI · Ln 1b
  • Conflict-of-interest policyPt VI · Ln 12aYes
  • Whistleblower policyPt VI · Ln 13Yes
  • Document retention policyPt VI · Ln 14Yes
  • Top official’s pay independently reviewedPt VI · Ln 15aYes
  • Family or business ties among leadersPt VI · Ln 2No

Mission and programs

What it does.

Operates and promotes a public charter school funded by government sources.

Provided by the organization

This section is blank until Spectrum Academy claims this page.

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Mission & Programs · Part III

Where the work happens

3 program services account for $24.9M of program spending, described in the organization's own filed words · FY2021.
01

Operation of one public charter school for students from kindergarten to twelfth grade.

$24.1Mprogram expense
02

Operation of a food services program for the convenience of the students and faculty.

$789Kprogram expense
03

Operation of a day care and preschool services.

$61Kprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
See all 6 funders →

Filing history

Every return on file.

YearRevenueExpensesChangeFiling
FY2025 Latest $37.5M$36.8M+2% 990 PDF
FY2024 $36.6M$35.3M+11% 990 PDF
FY2023 $32.9M$31.6M+11% 990 PDF
FY2022 Viewing $29.7M$28.8M+9% 990 PDF
FY2021 $27.3M$28.5M+16% 990 PDF
FY2020 $23.6M$23.4M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

Full filing: Form 990 for FY2022

Every line we hold from the return, cited to its Part and line.
Part VIII · Statement of revenue $29,729,025 across 9 lines filed
VIII-1e Government grants$29,364,620
VIII-1f All other contributions, gifts and grants$60,640
VIII-1h Total contributions, gifts and grants$29,425,260
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $214,424$214,424
VIII-3 Investment incomeExcluded from tax $24,568$24,568
VIII-7 Net gain or loss on sales of assetsRelated to mission −$5,079−$5,079
VIII-8 Net income from fundraising eventsExcluded from tax $38,136$38,136
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $31,716$31,716
VIII-12 Total revenueRelated to mission $241,061 · Excluded from tax $62,704$29,729,025
Part IX · Statement of functional expenses $28,766,630 across 18 lines filed
IX-5 Pay of current officers, directors and key staffManagement $557,047$557,047
IX-7 Other salaries and wagesPrograms $17,093,201 · Management $1,855,188$18,948,389
IX-8 Pension plan contributionsPrograms $520,301$520,301
IX-9 Other employee benefitsPrograms $1,326,019 · Management $495,515$1,821,534
IX-10 Payroll taxesPrograms $1,388,378$1,388,378
IX-11c Accounting feesManagement $47,020$47,020
IX-11g Other fees for servicesPrograms $211,924 · Management $226,616$438,540
IX-12 Advertising and promotionPrograms $16,576$16,576
IX-13 Office expensesPrograms $26,220$26,220
IX-14 Information technologyPrograms $416,042 · Management $142,934$558,976
IX-16 OccupancyPrograms $575,691 · Management $23,476$599,167
IX-17 TravelPrograms $27,478$27,478
IX-19 Conferences, conventions and meetingsPrograms $162,417$162,417
IX-20 InterestPrograms $839,684 · Management $128,284$967,968
IX-22 Depreciation, depletion and amortizationPrograms $861,134 · Management $49,132$910,266
IX-23 InsurancePrograms $41,922$41,922
IX-24 Other expenses (24a–d)Programs $1,312,090 · Management $293,724$1,605,814
IX-24e All other expensesPrograms $128,617$128,617
IX-25 Total functional expensesPrograms $24,947,694 · Management $3,818,936 · Fundraising $0$28,766,630
Part X · Balance sheet $38,407,104 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $3,176,431$2,688,342
X-2 Savings and temporary cash investmentsStart of year $6,767,528$5,103,314
X-3 Pledges and grants receivableStart of year $137,010$602,849
X-4 Accounts receivableStart of year $3,465$1,000
X-9 Prepaid expenses and deferred chargesStart of year $52,531$37,916
X-10c Land, buildings and equipment, netStart of year $29,594,671$29,973,683
X-16 Total assetsStart of year $39,731,636$38,407,104
X-17 Accounts payable and accrued expensesStart of year $4,938,523$3,118,036
X-20 Tax-exempt bond liabilitiesStart of year $27,510,000$27,000,000
X-25 Other liabilitiesStart of year $3,890,802$3,752,626
X-26 Total liabilitiesStart of year $36,452,007$34,165,080
X-27 Net assets without donor restrictionsStart of year $3,279,629$4,242,024
X-32 Total net assets or fund balancesStart of year $3,279,629$4,242,024
X-33 Total liabilities and net assetsStart of year $39,731,636$38,407,104
Part XI · Reconciliation of net assets $4,242,024 net assets at year end
XI-1 Total revenue$29,729,025
XI-2 Total expenses$28,766,630
XI-3 Revenue less expenses$962,395
XI-4 Net assets at start of year$3,279,629
XI-10 Net assets at end of year$4,242,024

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2022IRS
Classification, formation year, addressIRS Business Master File
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